(AP) -- Switzerland's competition commission said Monday it has approved plans by Alusuisse to merge with rivals Pechiney of France and Alcan Aluminium of Canada.This content was published on November 8, 1999 - 11:17
(AP) -- Switzerland's competition commission said Monday it has approved plans by Alusuisse to merge with rivals Pechiney of France and Alcan Aluminium of Canada.
The plan for the merger, which would create an aluminum giant with sales of $21.8 billion, was announced in September.
The merger will give the resulting company considerable market share in some aluminum products, the Swiss Federal Competition Committee said in a statement.
But this should not lead to a market-dominating position due to the large number of competitors and the global nature of the sector, it added.
The agreement was subject to several conditions, including last month's approval by Alusuisse-Lonza Group shareholders for the Lonza chemical and energy business to be spun off. Separate Lonza shares started trading last week.
The new company will be known as A.P.A. and will be legally registered in Montreal but run from New York. It will have operations in 59 countries and will also be a global leader in packaging.
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